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Recovering Property Market In Ireland

Kathleen Peddicord by Kathleen Peddicord
Mar 11, 2014
in Real Estate
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Dublin, Ireland | Recovering Property Market In Ireland
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A Home In Ireland Could Subsidize Your Retirement

Ireland left the IMF/EU bailout program in December 2013, becoming the first of the European bailout nations to recover its financial independence. In the same month, unemployment dropped to a three-and-a-half-year low of 12.4%, close to the EU average of 12.1% and down from a February 2012 peak of 15.1%. Meanwhile, Bank of America Merrill Lynch is predicting that the Irish economy will grow by 1.9% in 2014, which is the most optimistic growth prediction for any country in the Eurozone.

After a catastrophic collapse, Ireland is emerging as a leading light in Europe’s economy…and real estate values are moving up. In fact, property values in some parts of the country have been increasing by double-digit rates for the past two years. House prices in Dublin rose by 15.7% last year according to the latest figures from the country’s Central Statistics Office (CSO), and some current values are appreciating faster than they did during the real estate-driven Celtic Tiger boom period. Overall, values for residential property countrywide increased by 6.4% in 2013.

However, while Ireland is seeing boom-era growth rates, prices in many parts of the country remain at crash-era lows. Outside the capital, it is still possible to find properties with price tags that are half what they were during the boom.

To put this into perspective for the would-be retiree, Ireland’s real estate market is priced today where it was about 15 years ago, presenting the opportunity to invest in an Irish home of your own at pre-Celtic Tiger pricing. The best case would be a cottage or country house purchased as your eventual retirement residence that you could rent out between now and your eventual retirement. The ongoing recovery in this country means its rental markets are more active and more profitable than they have been in two decades.

The best purchases with an eye toward cash flow from rental would be on the tourist trails—the Ring of Kerry, the southwest coast, Galway, and around Dublin. Pay attention to proximity to amenities that would be important both to your tenants and yourself—the ocean, a nearby airport so that you can hop around Europe, or a town so that you can walk where you want to go rather than driving (car ownership is expensive in Ireland, plus, of course, they drive on the left).

You could buy in today’s under-valued market for your eventual retirement…or for your part-time retirement. Janet Liggon bought land on the southwestern coast of Ireland, in Kerry. On this land, Janet built two houses, one for her personal use and one to rent out. Each summer, Janet took a trip to Kerry to check on her rental property and to meet with her rental manager. During the visit, she stayed in one of the two houses she’d built, her Irish home. The income from renting out the second of the two houses covered the carrying costs and then some for both properties, with money left over to subsidize Janet’s annual Irish holidays. Then, every April 15, Janet was able to take those travel costs as deductions on her U.S. tax return.

Ireland is one of the friendliest and safest places in the world. The people speak English and welcome American retirees. The cities are fun, and the country and coastal landscapes are among the most glorious on this planet. And now your money buys a whole lot more property on this Emerald Isle than it has in a long time.

Kathleen Peddicord

Continue reading: Real Estate For Sale In Laureles, Medellin, Colombia

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Tags: 'Property In Ireland''Retire To Ireland'IMF Bailout In Irelandreal estate in IrelandRecovery In IrelandRental Property In Ireland
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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